There are just thousands of robotic process automation benefits your company can enjoy if the process is done right. This article lists down some of those.
RPA is one of the fastest to implement yet customizable technology solutions. As result, it experiences phenomenal growth in the past years. Moreover, it seems like that such a trend will continue for many years to come.
RPA bots automate mundane and repetitive tasks. Hence, employees will now have more time to deal with higher-value activities. This results in improved business metrics.
As mentioned, your company will only reap robotic process automation benefits only if it is strategically planned and executed. Yet, all the resources required to invest are worth it.
Read on to see the overall robotic process automation benefits. This will motivate you to take the leap.
Reduced wage costs
Automation did not reduce jobs in the past. However, there is a possibility that this scenario will change. RPA vendors see an estimated 25-60% cost savings due to RPA roll-out.
Moreover, leaders in AI predict that employees working in automatable tasks will lose their jobs if they don’t upskill for jobs that can’t be automated.
CEOs must take extra caution when talking about headcount decreases. In fact, they shouldn’t talk about it if they are not 100% sure. Sounding a false alarm is the last thing we need.
As mentioned, it is very likely that automation will make some positions redundant. Companies could solve this redundancy by:
- Employing personnel in other functions. This is the easiest solution to take if your company has relevant opportunities matching the employees’ skills.
- Upskilling personnel and start new positions in the company
- Letting go of personnel enabling them to find opportunities in other companies. Incentivize the upskilling of the redundant personnel with a generous severance package and coaching.
It is not uncommon for system upgrades to disturb existing systems. Furthermore, they have the tendency to exceed the allocated budget yet deliver below expectations. RPA projects are low-risk and non-invasive projects your company may try.
Reduction of data entry errors and other manual errors
Machines don’t get distracted and almost make no errors. Hence, reduced errors are one of the main benefits of RPA.
RPA eliminates manual errors. Thus, it is likely that you’ll no longer hear customer complaints about data errors. Such errors are some of the toughest to fix. That is because resolving such issues often needs face-to-face interaction to correctly identify the customer. This takes huge amounts of time and effort.
However, keep in mind that RPA provides error-free operation. Malfunctioning RPA bots are still a thing you must watch out for. A regular check on RPA operations ensures that RPA bots cover edge cases successfully.
Back office processes prevent your employees from achieving things faster. For instance, manual data entry and management hold back your service speed. This is not the case with RPA bots. They work at lightning speed without break.
For instance, RPA reduced loan application processes from 35 minutes to 5 minutes. This is accomplished also with the help of process mining tools.